The market is up 114. The SFE Futures were up 43 this morning.
The Dow Jones closed up 131 overnight. It was up 142 at best and down 71 at worst. The Dow closed higher for a 2nd day to record its best two day performance in over a month. The Nasdaq was up 2.3% and up 5.3% over the past two days. European markets were up on hopes that the European countries will support their own banks to prevent the debt crisis spreading. Merkel said plans to recapitalize the regions banks are justified. Metals were mostly down on the LME, the Oil price put on $4.09 to $79.76 and Gold increased $27.50 at $1643.50. The Aussie dollar sits at 96.55c from 95.88c.
Today’s main stories…
- Apple Chairman and co-founder Steve Jobs has passed away, losing his battle with cancer. Apple released a press statement to announce the news – “Steve’s brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives”.
- Qantas Airways (QAN) says its decade-long association with Rio Tinto (RIO) has been extended for a further three years. Under the new agreement, Qantas will be the major air services provider for Rio Tinto’s Australian and international operations. QAN up 2.5% to 141c.
- Legal Action has been dropped by the Sunshine Coast Regional Council against Stockland Property Group’s (SGP) Caloundra South urban development project on Queensland’s Sunshine Coast. SGP up 0.5c to 297c.
- Coffey International (COF) will raise equity — $40m — to pay down debt. They announced a 1-for-1.75 entitlement offer to raise $29.1m from existing shareholders as well as $10.9m from a placement to institutional investors. COF down 7% to 40c.
- Charter Hall Office REIT (CQO) has received interest from another bidding company to rival the Macquarie-led consortium, but the approach is informal and in its early stage. CQO up 4c to 334c.
- Webjet (WEB) says the value of its ticket sales in the three months to September was up 25% on the same period last year from $149m to $188m. Their sales growth was achieved despite the non-operation of Tiger for part of this period. MD John Guscic said “We believe the general travel market growth has been less than 10% and, consequently, Webjet has substantially outperformed”. WEB up 8c to 201c.
- Centro Retail Trust’s (CER) board said the purchase of Centro Properties Group (CNP), is in the best interests of shareholders. This comes ahead of a decision by the Supreme Court of NSW on Thursday regarding the planned restructuring. CER up 3% to 27c
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